New funds OKd for old Little Village TIF

August 24, 2008|By Jeanette Almada, Special to the Tribune

A new tax-increment financing district has been approved to spur development in a largely vacant portion of Little Village.

The Community Development Commission this month approved the city's designation of the 51-acre Kostner Avenue TIF, which includes vacant and dilapidated industrial property between roughly Kostner, Kenton and Ogden Avenues and 28th Street.

Those boundaries largely mirror the 1998 26th and Kostner TIF repealed this year. Illinois law requires TIF districts inactive for seven years be repealed; the city reinstituted it with new goals and budget.

Roughly 33 acres of the TIF are vacant, with several dilapidated industrial buildings on the others.

Little Village residents have long sought improvements for the roughly two-block district, including a westward extension of the 21 /2-mile, Little Village 26th Street commercial corridor. Residents also would like to add affordable and senior housing, a youth center and green space.

"We have the least amount of green space per capita in the entire city, and the city is working with us to build three new parks in the area," Jaime Deleon, New Communities Program organizer for Little Village Community Development Corp., said last week.

A developer is negotiating with community leaders and city planners to build on a portion of the district.

The district's $55 million budget includes $10 million for building demolition and site preparation.

Some $25 million will go to rehabbing existing buildings and to affordable-housing projects.